profit increase of 734%29 Jun 2018 08:46
For the year ended 31 December 2017, the Group's total revenue was RMB252.4 million (c. £28.7 million), an increase of 221% from RMB78.6 million (c. £8.7 million). We are pleased to report that CNE has significantly grown its revenues and underlying profitability. The growth in business performance is mostly attributed to a change of policy in China to increase the production of fuel ethanol, which resulted in winning and delivering a number of high profile contracts with a mix of existing and new customers, including Jilin Boda Biochemical Ltd, COFCO Anhui, Liaoyuan Jiufeng Biotech, and COFCO Guangxi amongst others.
The gross profit for the year was RMB73.6 million (c. £8.4 million) up 175% from a gross profit of RMB26.8 million (c. £3.0 million). For the year 2017, the group recorded a profit of RMB30.1 million (c. £3.4 million) up 734% from a profit of RMB3.6 million (c. £0.4 million) substantially improving on a solid performance in 2016.